(Ecofin Agency) - Zambia and DR Congo have signed a MoU to extend the joint Luapula River hydroelectric development project’s deadline. According to this MoU, the new deadline is 2021.

Let’s note that Congo’s national power utility (SNEL) and Zambia Electricity Supply Corporation (ZESCO) received $3.5 million to carry out the technical feasibility studies.

 Furthermore, World Bank has also pledged to finance the environmental and social impact assessment and provide transaction advice when appropriate.

For the record, the first bilateral agreement of Luapula River development project took place in 2013 and the two national power companies planned to build a 1,400 MW power station on the river within 3 years, at an estimated cost of $3 billion. 

Gwladys Johnson Akinocho